Journal - Institute of Certified Public Accountants of …...4 Journal THE iCPAR Dear iCPAR Member,...

JournalJULY - SEPTEMBER 2017 NOT FOR SALE iCPAR QUATERLY BULLETIN

THE iCPAR

A publication of the Institute of Certified Public Accountants of Rwanda

ISSUE 1

WE WILL BUILD ON ACHIEVEMENTS TO INCREASE iCPAR’S CONTRIBUTION TO SOCIETY

PAGE 6

PAGE 9

PAGE 13

iCPAR unveils

to create a platform for sustainability & relevanceNEW STRATEGIC PLAN

NEW CEO TO FOCUS ON SUSTAINABILITY & RELEVANCE

NEW CAT QUALIFICATIONS FRAMEWORK TO FOCUS ON RELEVANT SKILLS

The Institute is the sole professional accountancy organization established by law 11/2008 of 6th May 2008 with a broad mandate to grow and regulate the accountancy profession.

To build a strong and engaged professional accountancy organization that anticipates stakeholder expectations and acts in the public interest

OUR OFFICE

Address: KG 541 Street, Prester HouseP.o.Box: 3213 Kigali RwandaT: +250 784103930 F: +250 280103930 E: [email protected]

ABOUT US

WHAT WE DO

VISION

MISSION

We regulate the accountancy profession; We preserve the integrity of the accounting profession; We promote the competence and the capacities of own members.We deliver accounting qualifications, programs and examination.We promote compliance with professional standards

A strong, relevant and sustainable profession

JULY - SEPTEMBER 2017A PUBLICATION OF THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF RWANDA

3THE iCPAR JOURNAL

OUR OFFICE


Inside this Issue

4. Foreword

5. 8th AGM elects governing council and unveils a new strategy

6. We will build on achievements to increase iCPAR’s contribution to society

8. iCPAR unveils new strategic plan to create a platform for sustainability & relevance

DISCLAIMERViews expressed in the journal are not necessarily those of the institute, management and employees.

9. New CEO to focus on Sustainability & Relevance

10. VAT as a cost to Banks for outsourced services

12. Legal framework revision is critical to meet iCPAR evolving needs

13. New CAT Qualifications Framework to focus on relevant skills

13. The Fee review

14. The Events Calendar

15. June 2017 Examination Results

DISCLAIMER PUBLISHER

OUR OFFICE


126 14

Reproduction of any article in this journal without permission is prohibited. The editor reserves the right to use, edit or shorten articles for accuracy, space and relevance

Copyright © iCPAR 2017. All rights reserved.Copyrights and all / or other intelectual property rights on all designs, graphics, logos, images, phots, texts, trade names, trademarks, etc in this publication are reserved. The reproduction, transmission or modification of any part of the contents of this publication is strictly prohibited.

15. Humour

JULY - SEPTEMBER 2017iCPAR QUATERLY BULLETIN

4 JournalTHE iCPAR

Dear iCPAR Member,

As a way of deepening our interaction with you and the various stakeholders, we have launched the iCPAR quarterly news bulletin that is aimed at sharing a snapshot of what we do to promote the accountancy profes-sion in Rwanda. Hence, I am very pleased to share with you our first edition of this quar-terly bulletin and look forward to many more subsequent issues.

The main part of this bulletin sheds light on iCPAR’s 8th Annual General Meeting, our new five year strategic plan and election of governing council and disciplinary com-mittee. It also highlights the appointment of the new chief executive officer and what he brings on board, why we are pursuing the le-gal review and more interesting articles.

I would like to attract your attention on the important upcoming events such as the 6th iCPAR annual seminar, the 4th iCPAR Public Accountability Forum and the 7th iCPAR In-ternal Audit, Control, and risk management conference among others. You will find more details of these events in the bulletin.

Finally, I would like to encourage members to contribute to this quarterly bulletin by publishing articles and important information regarding our profession. The onus is upon us to promote the accountancy profession and one of the means to do that is by telling our own story.

With best wishes,

AMIN MIRAMAGO Chief Executive Officer | Secretary General

Foreword

I would like to encourage members to contribute to this quarterly bulletin by publishing articles and important information regarding our profession. The onus is upon us promote the accountancy profession and one of the means to do that is by telling our own story.

AMIN MIRAMAGOiCPAR CEO | SG


5THE iCPAR JOURNAL

8th AGM elects governing council and unveils a new strategy

The Institute of Certified Pub-lic Accountants of Rwanda (iCPAR) held the eighth An-

nual General Meeting (AGM) on 24th March 2017. Attended by 260 members, the annual meet focused on key issues including.

• Election of Governing Council

and disciplinary commission members.

• Reappointment of two Educa-tion Commissioners

• Unveiling the new iCPAR strat-egy, and

• Adoption and Approval of new

membership and practice fees.

The assembly also discussed the Governing Council Report, Audit-ed Financial Statements, Appoint-ment of the auditor and the 2017 budget as well as member issues.

The following individuals were elected on ICPAR Governing Council:ICPAR DISCIPLINARY COMMITTEE

Chairperson: CPA Godwin Akankunda

CPA Deogratias Dushimumukiza

CPA Jules Cesar Hategekimana

CPA Mathias Bakareke Binama

CPA ALLAN GICHUHI Council Member

CPA FRED MUGARURACouncil Member

CPA NATHALIE MPAKA Council Member

CPA INNOCENT BULINDI iCPAR Vice-President

CPA BOSCO KARAKE MKOMBOZI iCPAR President

CPA FLORENCE GATOME Council Member

CPA MARK NKURUNZIZA Council Member


6 JournalTHE iCPAR

iCPAR was established in 2008 to promote and regulate the ac-countancy profession in Rwan-

da. Nine years down the road, the institute has registered significant progress such as registering certi-fied accountants and technicians, rolling out its own accounting qualification, admission of iCPAR into regional and international professional accountancy bodies among others.

But for it to sustain those results and carter for changing needs of the profession, iCPAR has embarked on the second phase of develop-ment that will ensure continuity at the same time realise its ambitions. iCPAR Journal caught up with CPA Bosco Mkombozi Karake, the Pres-ident of iCPAR’s Governing Coun-cil for insights into the new direc-tion the institute is taking

iCPAR JOURNAL: IN MARCH YOU LAUNCHED ICPAR NEW FIVE-YEAR STRATEGY. WHAT DO YOU HOPE TO ACHIEVE WITH IT?

BOSCO MKOMBOZI KARAKE: The new strategy lead to a revision

We will build on achievements to increase ICPAR’s contribution to society

Q&AWITH

CPA BOSCO MKOMBOZI

KARAKE

PRESIDENT OF ICPAR’S GOVERNING COUNCIL


7THE iCPAR JOURNAL

We will build on achievements to increase ICPAR’s contribution to society

of both our mission and vision. The revised Vision is; “A strong, relevant and sustainable profes-sion” and our revised mission is; “To build a strong and engaged professional accountancy organi-sation that anticipates stakeholder expectations and acts in the public interest.”

From our vision and mission, you can derive that we want to build on the achievements of iCPAR so far, in its few years of existence (we become 10 years in late 2018) and rapidly take the necessary steps that will increase our contribution to our society. This will be achieved by enhancing the services we offer to our students, members and oth-er stakeholders.

iCPAR JOURNAL: iCPAR HAS CALLED FOR LAW REFORMS TO CATER FOR THE EVOLVING NEEDS OF THE ACCOUNTANCY PROFESSION. WHAT ARE THE SPECIFIC LAWS THAT ARE CURTAILING THE DEVELOPMENT OF THE PROFESSION AND IN WHAT WAY? WHEN DO YOU HOPE TO COMPLETE THE REFORMS?

BOSCO MKOMBOZI KARAKE: iCPAR was established by act no.11/2008 of 6th May 2008 with the sole mandate of regulating and promoting the accountancy profes-sion in the country. Under this dis-pensation, the institute is respon-sible for registering and granting practicing certificates to certified public accountants, monitoring of compliance with professional stan-dards, investigation and discipline and delivery and examination of the accounting qualifications

among others. Drawing from this wide-ranging mandate, it is clear that the legal environment in the country is quite robust enough to allow for the development of the accountancy profession. However, a lot has changed since the estab-lishment of the institute in 2008 and there will be need to upgrade the legal framework and harmo-nize it with other laws that impact the profession. A case in point is the company law that was enacted after the institute law.

So the issue is to make the law more robust to assist iCPAR in ful-filling its mandate. For example, we have the legal mandate to regulate persons who provide opinions on financial statements, these are the Auditors, we however have people offering this service who do not qualify to do so. We hope the up-grade of the law and the way that it will be communicated to the gen-eral public and other stakeholders will strengthen the accountancy profession in Rwanda.

iCPAR JOURNAL: THE INSTITUTE HAS UNDERGONE EXTENSIVE RESTRUCTURING BEGINNING WITH A NEW CEO. DOES THIS SIGNAL A NEW APPROACH OF DOING THINGS? HOW DOES THE INSTITUTE STAND TO GAIN FROM THE CHANGES?

BOSCO MKOMBOZI KARAKE: To achieve one of our strategic objec-tives of being a sustainable organi-sation, we need a capable secretar-iat. We therefore have to come up with what we consider to be an ap-propriate organisational structure and are in the process of filling in

key positions. With the right peo-ple both in terms of numbers but very importantly in capability, we should be able to make significant progress in the achievement of our objectives.

iCPAR JOURNAL: THERE IS A PERCEPTION THAT THE ACCOUNTANCY PROFESSIONAL IS BORING. OF COURSE THIS ISN’T TRUE. WHAT CAN BE DONE TO REVERSE THIS THINKING?

BOSCO MKOMBOZI KARAKE: This is quite a tricky question. Many accountants provide support functions and spend long hours behind their computers cracking numbers- believe me many derive a lot of joy from cracking numbers and that alone gives them fulfilment. However, accountants have been stereotyped as boring although I personally know many fun and exciting accountants.

I think it is important to communicate to especially the young that accounting is a profession that introduces a person to a language of business and as a Certified Accountant you can have a career in Financial reporting, auditing, forensic accounting, corporate finance, business recovery, insolvency, tax advisory, risk management and consulting among others-the opportunities to work across all sectors should also be a big appeal. By the time people know of all these exciting career options, they will know that being a professional accountant is certainly exciting.


8 JournalTHE iCPAR

In March iCPAR unveiled a five year strategic plan (2017-2021) that will guide the institute as it

seeks to become a financially viable and sustainable organization with solid capacity to effectively sup-port the growth of the profession in Rwanda and the region.

The overarching objective of the strategy is to enable the institute to meet the demand of high-quality

ICPAR STRATEGY IN BRIEF (2017 – 2021)

9

ICPAR STRATEGY MAP

EXPAND REVENUESTREAMS

STRENGTHENINSTITUTION

CAPACITY

GROW THE MEMBERSHIP BASE

GROW THE PROFESSION

STRATEGIC OBJECTIVES AND STRATEGY MAP

INST

ITUT

ION

AL

CAPA

CITY

INTE

RNAL

PRO

CESS

FIN

ANCI

ALST

EWAR

DSHI

PST

AKEH

OLD

ERS

ESTABLISHAPPROPRIATE

INFRASTRUCTURE

STRENGTHEN THE QUALIFICATIONFRAMEWORK

STRENGTHEN MEMBER VALUE

STRENGTHEN STAKEHOLDER VALUE

STRENGTHENLEGAL

FRAMEWORK

BUILD CAPACITYTO COMPLYWITH SMOs

iCPAR unveils new strategic plan to create a platform for sustainability & relevance

pointed out.

Built on past accomplishments, the new strategy maps a path for the second phase of iCPAR develop-ment. It will focus on strengthening qualification framework, enhance membership base and value, ex-pand revenue streams and strength-en stakeholder value.

professional accountants and tech-nicians which are essential to grow Rwanda’s economy.

“Our approach is sustainable in a way that deepens relevance across stakeholder groups driven by our values of integrity, public interest, professionalism and innovation”, Bosco Karake Mkombozi, the pres-ident of iCPAR’s Governing Council

BELOW IS THE STRATEGY MAP THAT SHOWS THE LOGICAL CONNECTION BETWEEN THE STRATEGY OBJECTIVES AND PERFORMANCE DRIVERS THAT WILL IN TURN LEAD TO VALUE CREATION.

OUR VALUES: Integrity; Public Interest; Professionalism; and Innovation (IPPI)

FIGURE 2A: ICPAR STRATEGY MAP

% Composite Net Promoter Score (SO 10)

None 14 16 18 20 22 Undetake a re-branding of the Institute (Brand strategy and a 3 year comminication plan)

% of key stakeholderssatisfied with ICPAR ( SO 9)

None 50 58 66 74 84 Develop and implement a public interest stakeholder collaboration strategy (Thought leadership and partnerships)

ICPAR (SO 8)

None 50 56 62 68 75 Establish a member engagement strategy and a lifelong learning suport framework

Amount of internally generated revenues in millions of US$ (SO 7)

0.34 0.55 0.74 1.12 1.23 1.43 Develop a long-term revenue enhancement strategy

Total # of ICPAR members in good standing (SO 6)

253 270 319 430 564 720 Develop a membership growth strategy and collaborate to establish a sustainable “revolving education fund”

# of students completingICPAR Qualification ( SO 5)

19 32 57 94 121 149 Establish an enhanced CAT and CPA Qualifications; a

competence framework with new market driven pathways; and strengthen the examination delivery process

% of outcomes achieved for SMO compliance (SO 4)

None 70 75 80 85 90 Empower the Institute’s Commisions to drive SMOs compliance

% of ICPAR’s Strategic outcomes achieved (SO 3)

None 60% 70% 80% 88% 95% Restructure and align internal capabilities to deliver mandate (Structure, people and perfromance systems)

% of completion of annual Instrastructure plans (SO 2)

None 85% 85% 85% 85% 85% Establish an appropriate MIS platform to deliver the mandate; and secure “own-premises” for current needs and income generation

% of key stakeholders aware of amended laws (SO 1)

None 0 50 66 78 90 Review and update the ICPAR law and its bi-laws

STA

KE

HO

LDE

RS

FIN

AN

CIA

L ST

EW

AR

DSH

IPIN

TER

NA

L P

RO

CE

SSE

SIN

STIT

UTI

ON

AL

CA

PAC

ITY

VISION: A strong, relevant and sustainable profession

MISSION: To build a strong and engaged professional accountancy organisation that consistentlyanticipates and delivers on stakeholders expectations while acting firmly in the public interest.

1. SUSTAINABILITY

ICPAR is increasingly sustainable through a soundfinancial base (strong member growth and diversified revenue streams); a capable secretariat; and supported by an appropriate infrastructure.

2. RELEVANCE

ICPAR has an energised membership engaging at alllevels; an effective stakeholder engagement on public interest matters; and is a profession that anticipates and delivers what the market needs.

3. STRONG PROFESSION

A professional brand increasingly at the top of career choices (brand recognition and student choices); appropriately regulated; and a membership that is not onlyemployable but increasingly influential in the boardrooms.

KEY INITIATIVESOBJECTIVE MEASURESSTRATEGIC OBJECTIVES AND STRATEGY MAP

OUR VALUES: Integrity; Public Interest; Professionalism; and Innovation ( IPPI )

STRATEGIC PILLARS

Strategic Pillar Results (SPR)

TARGETS Y0 Y1 Y2 Y3 Y4 Y5

ESTABLISH APPROPRIATE

INFRASTRUCTURE

STRENGTHEN INSTITUTIONAL

CAPACITY

STRENGTHEN LEGAL

FRAMEWORK

STRENGTHEN THE QUALIFICATION

FRAMEWORK

BUILD CAPACITY TO COMPLY WITH SMOs

GROW THE PROFESSION

EXPAND REVENUE STREAMS

GROW THE MEMBERSHIP BASE

STRENGTHEN MEMBER VALUE

STRENGTHEN STAKEHOLDER VALUE

INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF RWANDA

Driving Sustainable Performance

% of Members satisfied with

25

ICPAR FIVE-YEAR STRATEGY (2017 – 2021)


9THE iCPAR JOURNAL

iCPAR CEO Amin Miramago plans to make sustainability and relevance the key pillars of his

tenure and transform the institute into a professional accountancy organization that serves the core needs of its stakeholders

“I will work to ensure that we have the enablers for future growth at the same time ensuring that the institute is present in the right con-versations. I look forward to work-ing with our stakeholders to deliver on the iCPAR Mandate,” Mr. Mira-mago says.

In March 2017, iCPAR recruited Amin Miramago as its new Chief Executive Officer. His recruitment was part of the institute’s restruc-turing plan to ensure effectiveness. As iCPAR enters its second phase of development which will fo-cus on institutional sustainability and relevance, the new CEO will

New CEO to focus on Sustainability & Relevance

be charged with aligning internal capabilities and skills to the insti-tute’s mission.

Before his appointment Mr. Mi-ramago was the iCPAR Program Coordinator for the IFAC PAO Ca-pacity Building Program. He was an active member of the education and curriculum commission since 2012. Mr. Miramago has been integral to the Government of Rwanda’s Public Financial Man-agement (PFM) reforms. He par-ticularly served as PFM reforms manager for government. He also has substantial boardroom experience. Mr. Miramago re-placed Mr. John Munga who led the institution from 2013.

As part of its restructuring drive, iCPAR is currently recruiting var-ious professionals to fill manage-ment and regular positions. The restructuring is critical to building

a strong and engaged profession-al accountancy organization that consistently anticipates and deliv-ers on stakeholder expectations.

I will work to ensure that we have the enablers for future growth at the same time ensuring that the institute is present in the right conversations. I look forward to working with our stakeholders to deliver on the iCPAR Mandate.

AMIN MIRAMAGOiCPAR CEO | SG


10 JournalTHE iCPAR

The competitive business climate has put additional pressure on business to re-

duce the cost of conducting busi-ness and become more efficient by focusing more on their core business. The increasing reliance on technology coupled with its increased complexity has made outsourcing of services a popular option.

However, VAT exemption for banks, inhibits the use of outsourc-ing for these services as it creates a price differential between the cost of contracting and performing service in-house. This, in turn, pro-vides a disincentive for such com-panies to seek outside expertise and negatively impacts their com-petitiveness in the marketplace

Banks cannot recover all the VAT that they pay on goods and services they buy since they do not charge VAT on many of their services. As banks outsource their activities, the external provider is required to charge VAT. However this VAT is not recoverable in full.

For example if a bank outsourced some of it workforce e.g. tellers, direct sales executives or cash in transit services, the provider of

By Paul Frobisher Mugambwa

VAT as a cost to Banks for outsourced services


11THE iCPAR JOURNAL

the workforce or services will be required to charge VAT. On the other hand, if the bank provided the workforce in-house to itself, it would not have to pay VAT. Thus, the cost of services in-house would automatically be less expensive by 18% than outsourcing.

Outsourcing therefore carries a hidden tax cost for banks. Thus, a bank would only acquire out-side services when the perceived value of obtaining those services externally exceeds the cost of in-house provision by the amount of the VAT.

As the Government recognizes that stimulating the private sector- par-ticularly with regard to competi-tiveness- is not achievable without broadening and deepening the financial sector such as banking, insurance, there are a number of possible measures the Government can introduce to put banks in the same VAT position whether they outsourced the contract or under-took the contract in-house. Also this would increase opportunities for Rwanda entrepreneurs.

One option would be to shift the exemption from VAT further down the supply chain so that the service outsourced to a third party would be exempt from VAT. This would ensure that these costs would not bear VAT and hence would provide parity between an in-house service and an outsourced service.

However, this solution only re-solves the limited subset of out-sourcing contracts that are core

to processing financial transac-tions. The VAT distortion would remain for the vast majority of out-sourcing scenarios. A more univer-sal solution would be a widening of the VAT exemptions to encom-pass outsourced services provided to banks, by allowing exemption only where the business provides predominantly exempt services.

A second option involves accept-

ing that VAT will be charged on the contract but allowing the Banks to recover part of the VAT so that it again finds itself in a similar po-sition as if it had undertaken the contract in-house. Some Govern-ments like the Australian Govern-ment chose this solution when introducing their VAT system. The VAT exempt business is automati-cally entitled to reclaim from the tax authorities a fixed proportion of the VAT incurred on the outsourc-ing contract. The proportion to be recovered is set at an estimate of the labour element of the underly-ing contract – 75% was chosen in Australia.The balance is treated as input tax in accordance with the “normal” rules.

Another alternative is to leave the VAT provisions the same but alter the amount that should be applied to VAT. This involves disregarding the actual amount of the contract and replacing this with a value that would have been subject to VAT under the in-house scenario (25% in the above example).

In conclusion the Government should consider implementing measures to introduce VAT parity for Banks to encourage outsourc-ing their services as a means of improving competitiveness and economic growth.

Paul Frobisher Mugambwa is an Associate Director at PwC Rwanda Limited.

Email [email protected]

Banks cannot recover all the VAT that they pay on goods and services they buy since they do not charge VAT on many of their services. As banks outsource their activities, the external provider is required to charge VAT. However this VAT is not recoverable in full.

For example if a bank outsourced some of it workforce e.g. tellers, direct sales executives or cash in transit services, the provider of the workforce or services will be required to charge VAT. On the other hand, if the bank provided the workforce in-house to itself, it would not have to pay VAT. Thus, the cost of services in-house would automatically be less expensive by 18% than outsourcing.

PAUL FROBISHER MUGAMBWAASSOCIATE DIRECTOR AT PWC RWANDA LIMITED


12 JournalTHE iCPAR

iCPAR is leading efforts to have the legal framework establishing the institute revised to cater for

the ever changing needs of the pro-fession.

In 2008, iCPAR was set up through an act of parliament with a broad mandate to grow and regulate the accountancy profession. Subse-quently, a legal framework was put in place to ensure that the institute

Legal framework revision is critical to meet iCPAR evolving needs

operates as a legal entity.

Eight years on, with the need to face realities on the ground and live up to best practices, it became imperative that a legal review be conducted for the institute to keep up with changing times. In fact the 2015 World Bank Report on Ob-servance of Standards and Codes in Accounting and Auditing made a similar observation. It recommend-

ed revision of the legal framework and governance arrangements to meet iCPAR evolving needs.

In partnership with the Ministry of Finance and Economic Planning, iCPAR worked with World Bank to facilitate a consultative review pro-cess that will identify and propose recommendations on the legal and governance frameworks that will position iCPAR to attain interna-tional recognized standards and becoming a full member of IFAC.

In their first mission in February and March 2017, the World Bank through a consultative and partic-ipatory process involving many stakeholders made a situational analysis identifying gaps visa a vis standard requirement. Thereafter, the World Bank shared their find-ings and proposed recommenda-tions for further processes.


13THE iCPAR JOURNAL

iCPAR is working on a robust qualifications framework to en-sure the Institute imparts rele-

vant and practical skills the econ-omy requires to thrive.

The new qualification framework will be competency based and adhere to international best prac-tices in order to adequately ad-dress stakeholder needs and create market driven pathways for public financial management, taxation, assurance and industry. It will be aligned to National Qualification Framework to support the hori-zontal and vertical mobility of stu-dents.

“Our intention is to produce com-petent CAT graduates who are globally recognized and locally relevant” Bosco Mkombozi Kar-ake, the iCPAR’s President said.

iCPAR is confident the new quali-fication framework will play a role

New CAT Qualifications Framework to focus on relevant skills

in addressing the deficit of profes-sional accountants in the country within public and private sector. Currently the deficit of professional accountants stands at 5,000 in the public sector alone.

“Once the framework is in place, we hope to massively produce competent professional accoun-tants to meet the market demand”, Mr. Mkombozi stated.

The eighth AGM meeting ap-proved a new fee structure for student, membership

and practice fees. As announced in April 2017, the new student, membership and practice rates are

The Fee reviewalready applicable. They can be found here http://icparwanda.com/members/membership-fees.html

http://icparwanda.com/students/fees-structure.html

Once the framework is in place, we hope to massively produce competent professional accountants to meet the market demand.

BOSCO MKOMBOZI KARAKEiCPAR PRESIDENT


14 JournalTHE iCPAR

EVENT EVENT DATE LOCATION CPD HOURS PRICE

Practitioner’s Dinner25th August 2017, 5:00pm

Marriot Hotel 4 CPD Hours 50,000 Rwf

The 6th iCPAR Annual Seminar

04-06th October 2017, 8:30 am - 5:00pm

Lake Kivu Serena Hotel

20 CPD Hours420,000 Rwf for Members/480,000Rwf For Non Members

The 4th iCPAR Public Accountability Forum

25-26th October 2017, 8:30 am - 5:00pm

Lemigo Hotel 14 CPD Hours145,000 Rwf for Members/185,000Rwf For Non Members

The 7th iCPAR Internal Audit, Control, risk and Assurance Workshop

09-10th November 2017, 8:30 am - 5:00pm

Lemigo Hotel 14 CPD Hours145,000 Rwf for Members/185,000Rwf For Non Members

Women CPAs and Leaders’ Dinner

10th November 2017, 5:00pm

Lemigo Hotel 14 CPD Hours45,000 Rwf for Members

Are you a certified accoun-tant or you’re aspiring to be one? Are you interested in

matters of financial management,

The Events Calendaraccountability, internal audit, in-ternal control, risk management, assurance, leadership etc.? Don’t miss out on interesting events on

our annual events calendar! Kindly register on time to avoid last min-ute hitches.


15THE iCPAR JOURNAL

Q: WHAT IS THE DEFINITION OF “ACCOUNTANT”?

A: Someone who solves a problem you didn’t know you had in a way you don’t understand.

Q: WHAT DO YOU CALL AN ACCOUNTANT WITH AN OPINION?

A: An auditor.

HumourFOUR LAWS OF ACCOUNTING:

Trial balances don’t.

Bank reconciliations never do.

Working capital does not.

Return on investments never will.Q: WHY DID THE ACCOUNTANT CROSS THE ROAD?

A: To bore the people on the other side.

June 2017 Examination ResultsiCPAR released the 10th profes-

sional examinations results of Certified Public Accountant

(CPA) and Certified Accounting Technician (CAT) conducted in June 2017. The 10th iCPAR exam-ination sitting was held from 5th to 9th June 2017 in Kigali, Nyagatare and Huye examination centers.

1,148 candidates sat for CPA ex-aminations at different levels while 352 candidates sat for CAT examinations compared to 921 candidates and 239 candidates in December 2016. The overall pass rates of CAT and CPA are 38% and 35% respectively compared to 46% and 49% in December 2016. The decrease in pass rates is main-

ly attributed to inadequate pre-paredness by candidates as a result of limited time for both students and tuition providers.

9 candidates completed CPA (R) qualification and 2 candidates completed the CAT (R) qualifica-tion, thus making a total of 19 and 32 candidates who have complet-ed CPA(R) and CAT (R) qualifica-tion respectively. The Institute is committed towards increasing the number of qualified accountants needed by the Rwandan economy and fill-up the existing skills gap for the country.

Published by Institute of Certified Public Accountants of RwandaKG 541 Street, Prester HouseP.o.Box: 3213 Kigali RwandaT: +250 784103930F: +250 280103930E: [email protected]

Copyright © iCPAR 2017. All rights reserved.Copyrights and all / or other intelectual property rights on all designs, graphics, logos, images, phots, texts, trade names, trademarks, etc in this publication are reserved. The reproduction, transmission or modification of any part of the contents of this publication is strictly prohibited.

Journal - Institute of Certified Public Accountants of …...4 Journal THE iCPAR Dear iCPAR Member,...

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